First and foremost, it’s important to figure out whether or not you need to file income taxes at all. Most people will be required to pay federal income tax in 2024, but this depends on a number of factors, such as your gross annual income, your tax filing status, your age, and ot...
The Uber tax summary even includes a line for “On-Trip” mileage. This is a starting point for your business mileage deduction, but it’s only a starting point. The Uber mileage figure includes only the miles driven with passengers in your car. You can often deduct...
Employees of a logistics company are always engulfed with a lot of work. So much so that they seldom get time to think about taxes. But it is important for a company, especially a large one, to figure out ways to optimize its operations in a way that will reduce their taxes. He...
This can be huge for businesses that are trying to keep the new QBI pass-through entity tax break. For those of you in California, you will need all the help you can get; the Trump Tax Plan is killer for many with six-figure+ incomes here. If your taxable income exceeds a ...
Automatic, accurate mileage reports. Get Started If you're a 1099 worker, your tax life is very different than that of employees. It's vitally important to understand how to file your taxes when you're a 1099 worker, or you can end up in big trouble with the IRS. Here's how to fil...
The self-employment tax consists of Social Security and Medicare taxes, but you might have other taxes to pay as well.
You’ve probably heard ofQuickbooksbefore, even if you are brand new to the vacation rental game because it is widely viewed as the perfect accounting software for small businesses. You’ll also enjoy the mileage tracking, creating batch invoices, and even the business analytics side. ...
How to Calculate Steps Per Mile You can use a few different techniques to more accurately figure out the number of steps you take while walking a mile. Two of the most accurate ways to calculate this number are using a high-quality quality pedometer and determining your specific stride length...
You’ll subtract your business expenses from your income to find the “net profit or (loss)” from your business and enter that figure on line 31 of Schedule C. Your business expenses will reduce your income and your tax liability.
Start Tracking Receipts and Expenses for Taxes It might seem like a hassle, but using an app to track mileage, receipts, and other expenses will save you money in the long run. And with a bevy of great expense tracking app options, there's no reason not to get started right away. ...